I have broken this out of my help need topic. I can help all of you to understand this issue as well as with any future jewelry purchases (I'm not "out of business" just not running a full time retail store) In return I hope a couple more of you would consider helping us with our move.
(from the last post in the other topic)
Donnie Barnes wrote:
After much convincing from me, we recently upgraded my wife's engagement ring. We paired our small "college" diamond with another just like it on the outside of a much larger diamond all in a new setting. I've also bought my wife several other pieces of fairly considerable value in the time period we're talking about. I think our "claim" is about $600, IIRC. That's certainly worth getting, but it's pretty tiny compared to what we've spent.
--Donnie
This is the "bad math" I was talking about. 600.00 is NOT your refund amount, only your "claim basis amount" or maximum allocation.
The actual fund amount to be paid to consumers is $135,432,500.
minus fees and expenses.
The attorneys representing the class have already claimed 25% of that amount for themselves and have asked for
substantial settlement allocations to the "named members of the class" as incentive and reimbursement for expenses. That is likely to eat up another 25% leaving ~$67,000,000 for the remainder of the class to divide.
All claims will then be added together to determine the size of the class, and compared to the available funds. If the claims are higher than the available funds (very likely to be several times the amount) a percentage due each claimant will be determined and their claim will be reduced to that percentage of their original "claim basis amount".
Bottom line is don't spend it before you receive the check (if you receive a check at all, checks will not be issued for amounts under $10.00, a
likely occurance as specifically stated in the settlement papers.).
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